Shabab's Essa Mohammad tugs back Nasr's Mohammad Omar.
Shabab's Essa Mohammad tugs back Nasr's Mohammad Omar.
Shabab's Essa Mohammad tugs back Nasr's Mohammad Omar.
Shabab's Essa Mohammad tugs back Nasr's Mohammad Omar.

Cerezo hoping to get Shabab back on track


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DUBAI // Toninho Cerezo, the Al Shabab coach, has backed his under-performing side to regroup and put their title-defence campaign back on track. Shabab travel to Ajman, having won just a point from their last three games. They lost at Al Ain, drew at Al Khaleej and were crushed at home by Al Nasr. Their last success in the Pro League was on October 4, a 1-0 home win over Al Dhafra. Shabab have just seven points from six games and lie seventh in the table.

Cerezo is far from happy with their position, but has backed his players to come good, starting with Ajman tonight. "We are a champion side, capable of turning things around," said the Brazilian, who guided the Slashers to the league title last season after almost a decade of mid-table anonymity. "It won't be long before we start winning again. "These are the same players who won the league last season, they have not become bad in a few months. Our problem has been the lack of goals, but I am confident that will change soon. We have been working hard on it."

Al Wasl were champions before being dethroned by Shabab, and they are not faring any better in the league. The seven-time league winners have managed just seven points from six games in a season which has seen the club sack coach Miroslav Beranek after just two games and the fans boycott a UFL game. The "Cheetas" have lost twice in three games at home this season and host Al Sharjah tonight with striker Zikajoury admitting the players' spirits were not high.

"We lack confidence at the moment," said Zikajoury, who has been the target of the fans' anger over his lack of goals. "That confidence will come with winning. This is just the start of the season and we still have a long way to go. There are eight points between us and leaders Al Ahli, and we can surely catch up if we stay focused." Al Nasr, who have surged up the table with seven points from their last three games, will travel to Al Khaleej tonight without their Iranian striker Raza Enayati.

Enayati has flown home to get advice on a blood clot in his right leg. There are seven other injury concerns for Nasr, but coach Luka Bonacic is confident of a good result. He said: "We have a number of injuries, but the morale is high and we are expecting a positive result. I have full faith in the abilities of the players stepping in." arizvi@thenational.ae

The specs

Engine: Two permanent-magnet synchronous AC motors

Transmission: two-speed

Power: 671hp

Torque: 849Nm

Range: 456km

Price: from Dh437,900 

On sale: now

The specs

Engine: 5.0-litre supercharged V8

Transmission: Eight-speed auto

Power: 575bhp

Torque: 700Nm

Price: Dh554,000

On sale: now

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

The Specs

Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now

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Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag

Company profile

Name: Oulo.com

Founder: Kamal Nazha

Based: Dubai

Founded: 2020

Number of employees: 5

Sector: Technology

Funding: $450,000